[§393-46] Income directly attributable to the business.
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/hi/chapter-393/393-46A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§393-46] Income directly attributable to the business.
(a)"Income directly attributable to the business" means gross profits from the business minus deductions for:
(1)Compensation of officers;
(2)Salaries and wages, except wages paid by an individual proprietor to oneself;
(3)Repairs;
(4)Taxes on business and business property;
(5)Business advertising;
(6)Amounts contributed to employee benefit plans;
(7)Interest on business indebtedness;
(8)Rent on business property; and
(9)Other expenses necessary for the current conduct of business.
(b)Deductions shall not include:
(1)Bad debts;
(2)Contributions or gifts, other than those listed under subsection (a)(6);
(3)Amortization and depreciation; or
(4)Losses by fire, storm, casualty, or theft.
(c)The director may promulgate rules and regulations necessary to define income directly attributable to business for the purpose of section 393-45. [L 1974, c 210, pt of §1; gen ch 1985]